31. Production Cost Report: Weighted Average Method. Calvin Chemical Company produces a chemical used in the production of silicon wafers. Calvin Chemical uses the weighted average method for its process costing system. The Mixing department at Calvin Chemical began the month of June with 5,000 units (gallons) in work-in- process inventory, all of which were completed and transferred out during June. An additional 15,000 units were started during the month, 11,000 of which were completed and transferred out during June. A total of 4,000 units remained in work- in-process inventory at the end of June and were at varying levels of completion, as shown in the following Direct materials 60 percent complete Direct labor 40 percent complete Overhead 40 percent complete The cost information is as follows: Costs in beginning work-in-process inventory Direct materials $8,000 Direct labor $3,000 Overhead $2,800 Costs incurred during the month Direct materials $21,000 Direct labor $ 8,500 Overhead $ 7,200 Required: a. Prepare a production cost report for the Mixing department at Calvin Chemical Company for the month of June. b. Confirm that total costs to be accounted for (from step 2) equals total costs accounted for (from step 4). Note that minor differences may occur due to rounding the cost per equivalent unit in step 3. c. According to the production cost report, what is the total cost per equivalent unit for the work performed in the Mixing department? Which of the three product cost components is the highest, and what percent of the total does this product cost represent? 31. Production Cost Report: Weighted Average Method. Calvin Chemical Company produces a chemical used in the production of silicon wafers. Calvin Chemical uses the weighted average method for its process costing system. The Mixing department at Calvin Chemical began the month of June with 5,000 units (gallons) in work-in- process inventory, all of which were completed and transferred out during June. An additional 15,000 units were started during the month, 11,000 of which were completed and transferred out during June. A total of 4,000 units remained in work- in-process inventory at the end of June and were at varying levels of completion, as shown in the following Direct materials 60 percent complete Direct labor 40 percent complete Overhead 40 percent complete The cost information is as follows: Costs in beginning work-in-process inventory Direct materials $8,000 Direct labor $3,000 Overhead $2,800 Costs incurred during the month Direct materials $21,000 Direct labor $ 8,500 Overhead $ 7,200 Required: a. Prepare a production cost report for the Mixing department at Calvin Chemical Company for the month of June. b. Confirm that total costs to be accounted for (from step 2) equals total costs accounted for (from step 4). Note that minor differences may occur due to rounding the cost per equivalent unit in step 3. c. According to the production cost report, what is the total cost per equivalent unit for the work performed in the Mixing department? Which of the three product cost components is the highest, and what percent of the total does this product cost represent